Karachi – December 02, 2022: Pak-Qatar Family Takaful Limited and U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, have strategically signed a landmark BancaTakaful agreement. Under this collaboration, family Takaful products will be offered through U Bank’s distribution network, which is amongst the largest microfinance banking branch network in Pakistan.
The Memorandum of Understanding (MoU) of this partnership was signed by Ms. Mariam Pervaiz, Chief Commercial Officer & Chief of Staff – U Microfinance Bank and Mr. Azeem I. Pirani – CEO, Pak-Qatar Family Takaful Limited, while the signing ceremony was presided over by Mr. Kabeer Naqvi, President & CEO – U Microfinance Bank, in the presence of senior management officials from both the collaborating organizations.
At the occasion, Mr. Azeem Pirani said, “We are pleased to partner with one of the leading microfinance banks in Pakistan having one of the largest distribution networks. We are confident that this partnership will help us to take forward our long-term vision of providing financial protection through Takaful to everyone and it is always encouraging to work with like-minded partners link U Bank who share the same goals and approach towards offering need based, and appropriately priced, financial solutions to the citizens of Pakistan.”
Mr. Kabeer Naqvi, President & CEO – U Microfinance Bank, stated, “We are glad that the fruit of U Bank’s financial inclusion and expansion efforts, along with our partnership with Pak-Qatar Family Takaful Ltd. can be translated into enhanced accessibility of Islamic insurance services to the banking customers through U Bank’s network. This mutually beneficial collaboration is key for building harmonized industry relations and gives us an exciting opportunity to introduce Takaful services at U Bank.”
The partnership agreement is aimed at offering tailor-made Bancatakaful products to customers and is an important milestone for both the companies within the local financial services ecosystem. The partnership will pave way for world-class Takaful products, which will be introduced in a phased roll-out manner across U Bank’s extensive network of over 250 branches nationwide currently.
About Pak-Qatar Family Takaful Limited:
Pak-Qatar Family Takaful Limited (PQFTL) is the first and largest dedicated Family Takaful Company in Pakistan. PQFTL is a progressive and a technology-driven Shari’ah Compliant company providing innovative Takaful solutions since 2007. It is the fastest-growing Family Takaful operator in the country. The company is rated “A++” (having a Stable Outlook) by VIS Credit Rating Co. Limited and Pakistan Credit Rating Agency (PACRA). The Company’s paid-up capital is in excess of Pak- Rs. 2.45 Billion.
Pak-Qatar Family Takaful Limited is recipient of several domestic and international awards and nominations including, ‘Best Takaful Company’ Award from FPCCI in 2020, ‘Brand of the Year’ at the FPPCI Awards in Karachi 2018, ‘Best Takaful Operator’ by IFN Awards in 2017, ‘Best Takaful Operator in Pakistan’ award at the 10th International Takaful Summit London 2016 and ‘Best Takaful Company in Pakistan’ for the year 2015 at ‘RTC Islamic Banking & Finance Awards’ ceremony in Islamabad.
About U Microfinance Bank:
U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – e& Group (formerly known as Etisalat Company). The bank has a network of more than 250 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products and branchless banking solutions. U Bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.
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